CySEC has deployed a risk-based assessment of the AMLCOs’ and the Internal Auditors’ Annual Reports for the year 2016, that were submitted to CySEC in 2017. Having carried out these assessments, the following common and recurring weaknesses and deficiencies were identified: AMLCOs’ Annual Reports on the prevention of ML and TF and the relevant BoD minutes Insufficient application of Circular C186 and Paragraph 6 and...Read More
CySEC wishes to inform CIFs which intend to provide investment and ancillary services and/or perform investment activities in the territories of Third-Countries, of the following: Prior to providing/performing the above-mentioned services and activities in Third-Countries, CIFs must: notify CySEC via a letter of their intention to do so. The said letter should state for each targeted Third-Country, whether CIF has obtained the relevant authorisation by...Read More
CySEC wishes to inform Market Operators and DRSPs that, the ESMA Guidelines on the management body of Market Operators and DRSPs have been adopted by CySEC. These guidelines clarify the requirements applicable to members of the management bodies of: National Competent Authorities; Market Operators; and DRSPs. CySEC’s expects that: Market Operators and DRSPs comply with the said Guidelines.Read More
Although CySEC has observed significant improvement in the internal procedures and measures applied by Regulated Entities to prevent ML and TF, in compliance with the AML Law and AML Directive, CySEC has also identified common and recurring weaknesses and/or deficiencies in Regulated Entities’ compliance with the AML Law and AML Directive, in the following areas: Client Due Diligence Timing of verification of the Client’s identification...Read More
Through the Circular, CySEC wishes to herein to draw the attention of the Regulated Entities which provide investment services in accordance with Articles 30, 35 and 36 of Law 87(I)/2017 (“the Law”), in the territory of UK, the following: UK Government announced that, if necessary it will legislate to provide a temporary permission scheme for EEA firms and funds passporting into the UK after the...Read More
